While inflation has cooled substantially from its peak of 9.2% in mid-2022, at 3.3%, the latest inflation rate remains above the Federal Reserve's 2% target rate. In turn, the Fed decided at its June meeting to keep rates locked at a 23-year high. As a result, today's mortgage rates remain elevated at just below 7% on average, which is significantly higher than the 2% to 3% rates many buyers locked in during the pandemic.
In turn, it's important to take those into account as you comparison shop as well. Explore your top mortgage loan offers online now.How to save by shopping for a mortgageHere are some strategies that could lead to big savings while shopping for a mortgage, according to experts.Get quotes from multiple lendersTo get the best deal on a mortgage for your situation, get quotes and compare rates and fees from at least three lenders.
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